Is Miami's Real Estate Market Starting To Shift?

168 Paloma - Listed by EWM's DiCarlo Group

168 Paloma – Listed by EWM’s DiCarlo Group

Based on EWM’s activity this week, it appears we may be starting to get into a more neutral market. EWM’s Coral Gables’/South Miami office did over $22.5 million worth of transactions this week, with an almost even split between sales (26), and leases (24). Seven of the sales were over $1,000,000.

Eight out of the 15 sales listed under $500,000 went for at (4) or above (4) asking price. Although that is pretty indicative of the seller’s market we have been in, we also added 27 new listings and had 17 price reductions. With the increase in inventory, if your home has been on the market for over 30 days it is time to decrease your list price. We are expecting inventory to increase every month as we move closer to the Spring listing season.

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